Rockville, Jan. 31, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR’s Latest Study, Expanding at a prolific CAGR of 10%, the global wellness tourism market is expected to increase from a valuation of US$ 880 billion in 2023 to US$ 2.3 trillion by the end of 2033.
Wellness tourism is quite common nowadays due to the growing number of health-conscious consumers. The idea of traveling to maintain or improve one’s health is known a wellness tourism. It is a way of life that involves multiple journeys to enhance and preserve one’s well-being. Its focus is on genuine experiences and supporting the goals of healthy living.
Increased expenditure in the tourism industry is expected to have a positive impact on the wellness tourism industry. Moreover, various service providers are focusing on offering spa therapies and other facilities. Also, unlike medical tourism, wellness tourism also focuses on the prevention of diseases. Besides this, it focuses on a healthy lifestyle and improved quality of life.
Wellness tourism is growing at a rapid pace due to increasing disposable income and spending capacity. Also, growing interested in health and new experiences are expected to boost the growth of the market.
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Wellness Tourism is expected to grow due to the rising prevalence of chronic diseases across the globe
Rise in psychiatric disorders such as stress, anxiety, and frustration led to chronic health-related illnesses such as cancer and depression. Moreover, due to the increasing awareness regarding mental and physical health, people across the globe want to take measures to prevent the emergence of diseases.
Besides this, various non-profit organizations and governments across the globe are expected to raise awareness about the identification of mental diseases. Also, this is anticipated to boost the growth of a number of wellness retreats that focus on mental health and wellness.
Also, a rise in lifestyle related diseases such as diabetes, and obesity is expected to witness due to hectic work schedules and sedentary lifestyles. Also, as per the data published by the WHO, the global burden of diseases will rise substantially by 2030. Moreover, the rising burden of these diseases is expected to boost the growing demand for health-specific travel.
Asia Pacific wellness tourism market is expected to offer lucrative growth opportunities
The surge in the popularity of exotic locations in countries such as India, China, Malaysia, Indonesia, Thailand, and Singapore is expected to boost the growth of the wellness tourism market. Also, a rise in the number of hotel chains with centers that offer massages has been witnessed in the last decade. Besides this, a rise in herbal treatments and rejuvenation programs is expected to boost the market growth in the region.
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Disruption due to Covid-19 pandemic has boosted the adoption of wellness tourism
The Covid-19 pandemic has disrupted most of the consumer categories and has also boosted the growth in various healthcare categories. Also, it has led to rise in telemedicine, at-home fitness, and digital therapy. This has ultimately boosted the growth of the wellness tourism market during the forecast period. Also, the market players in various sectors such as telehealth and home fitness, have made significant achievements during the pandemic.
Competitive Landscape:
Market is highly fragmented and key players are adopting strategies such as acquisitions, partnerships to establish their market foothold. For instance:
- In May 2022, the American Hospitality Company Hilton had signed an agreement with CKR Resort to launch the flagship brand Hilton Hyderabad Resort & Spa in Hyderabad. The company has expanded its presence in India and operating 24 hotels, seven of which are Hilton Hotels and Resorts
Also, another common trend among the players in the market is new technological advancements. To establish their foothold in the market, key players in wellness tourism market are focusing on R&D to bring technological advancements in the market.
For instance:
- Headquartered in Malaysia, Trambellir offers an online marketplace for various kind of wellness solutions. Also, the company had collaborated with MHTC (Malaysia Healthcare Travel Council). Moreover, the company had introduced a gadget called Pocketalk, a tiny translator that’s popular in Japan, to bridge the language barrier between locals and wellness tourists.
Prominent Key players of Wellness Tourism Industry
- Accor
- Allergan
- Galderma
- Canyon Ranch
- Pravassa
- Ipsen
- KPJ Healthcare
- Marriott
- Miraval Resort & Spa
- Omni Hotels Management
- Rancho La Puerta
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Key Segments of Wellness Tourism Industry Research
- By Tourism Type :
- Domestic Tourism
- International Tourism
- By Travel Purpose :
- Primary
- Secondary
- By Service :
- In-country Transport
- Lodging
- Food & Beverages
- Wellness Activities
- Shopping
- By Region :
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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